Following a year where Oak Bay was one of only two municipalities in Greater Victoria to see property assessments rise, 2013 has been less kind.
Median residential property assessments in Oak Bay fell from $691,000 in 2012 to $667,000 in 2013, a 3.43 per cent dip, down from a modest increase of 0.78 per cent in 2012, according to BC Assessment reports. The number of properties rose from 6,422 to 6,443.
Despite the drop, Oak Bay Mayor Nils Jensen expects growth in Greater Victoria, and in particular Oak Bay, as people from colder climates continue to come to the Capital Region to live, work and retire.
“It certainly says that the hot real estate we had for some time is cooling off but that is likely temporary, particularly in Oak Bay,” Jensen said. “We have always had a strong housing market and strong assessment value. I think this is an aberration.”
Jensen said most homeowners would not see a significant impact on their individual taxes unless their assessment decreased or increased significantly more than the average.
“It is not going to have a direct impact,” he said. “It affects more how the taxes are distributed for people whose houses went up in a market when the average is a downward trend, those people will see an increase in their taxes but that happens every year.”
The entire Capital Region’s Assessment Roll decreased from $90.5 billion to $88.8 billion between the July 1, 2012 and July 1, 2013 assessment period with the highest valued residential property in Greater Victoria being an Oak Bay property valued at $11,972,000.
Nine of the top 15 highest assessed residential properties in the region are located in the District of Oak Bay. Property owners with questions or concerns about their assessment have until January 31 to submit a notice of complaint for an independent review.
Top 10 residential properties in Oak Bay
3195 Humber Rd, $11,972,000 - Acreage
3125 Beach Dr, $9,186,000 - Acreage
3160 Humber Rd, $8,786,000 - Single Family
3150 Rutland Rd, $8,674,000 - Acreage
963 Beach Dr, $7,986,000 - Single Family
3355 Beach Dr, $7,597,000 - Single Family
1069 Beach Dr, $7,463,000 - Acreage
1101 Beach Dr, $7,376,000 - Acreage
3480 Ripon Rd, $7,075,000 - Single Family
249 King George Terr, $6,533,000 - Single Family